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New Egyptian-American fund to finance SMEs

U.S. Secretary of State, Hillary Clinton, announced during her visit to Egypt the establishment of an Egyptian-American fund to provide financing for small and medium sized enterprises (SMEs). Egypt is in need of such financing in order to achieve sustainable economic growth and to create jobs during the transitional period.   The Secretary stated that …

Mohamed El-Bahrawi

IMF warns of rising risks to global economy

Washington (AFP) — The International Monetary Fund stepped up its warnings Monday on risks to the global economy, mainly from the crisis-mired eurozone, as it trimmed its growth forecast for the rest of the year. IMF economists said that the frail situations in Spain and Italy especially could quickly turn worse amid market doubts over …

Daily News Egypt

Government to settle $318m worth of external debt

The Ministry of Finance in co-operation with the Central Bank have managed to allocate $318 million, which represents the value of public debt instalments owed by the government for bonds issued abroad in Egyptian pound  in 2007. A high-ranking source in the Ministry of Finance has affirmed the government’s commitment to the settlement of all instalments owed at …

Daily News Egypt

Hungary prepares for tough credit talks with IMF-EU

Budapest (AFP) – Hungary and the International Monetary Fund (IMF) will take a new stab at a 15-billion-euro credit line deal, starting on Tuesday, following months of delay due to controversial central bank reforms. A delegation of representatives from the IMF and European Union (EU) is due to arrive in Budapest Tuesday for negotiations until …

Daily News Egypt

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Deutsche Bank to co-operate with Libor probe

Berlin (AFP) – Deutsche Bank wants to cooperate with European investigators probing the manipulation of interbank interest rates to limit damage to its reputation and bottom line, a newspaper said Sunday. Germany’s biggest bank has asked the European Commission and Swiss authorities to give it the status of cooperating witness in their investigation of the …

Daily News Egypt

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